Affordability

Tuition

Below please find the tuition for the School Year 2015-2016. Tuition includes the cost of books, field trips, classroom activities and materials. Lunch, the After School Program and the Parents' Association fee ($100 per child) are not included in the tuition fee.

Tuition Scale (School Year 2015-2016):

3/4s half-day: $38,905

3/4s full-day (nursery)-9/10s (fourth grade): $42,050

10/11s (fifth grade)-13/14s (eighth grade): $43,650

Tuition Payment Options

Plan A- Total payment with contract at time of enrollment

Plan B- 60% with contract in April; 40% due the following January 1st

Place C- Smart Tuition payments over a 10 month period of time from mid-April to the following mid-January

Financial Aid Introduction

The School for Children’s student body includes a broad spectrum of social, economic, cultural, and ethnic groups. The School for Children believes that economic diversity enriches the educational opportunity for all families, and participation of a wide range of families is critical to the health of the school. Because we regard socioeconomic diversity as a core educational value, the School for Children dedicates a significant portion of our annual operating budget to support our Financial Aid budget.

The Bank Street School for Children considers a family’s investment in their child’s future as one of the best investments a family can make. Therefore, we expect parents to give their children’s education a very high priority in their financial planning. The School for Children’s financial aid awards are based on the demonstrated financial need of a family. Because we are determined to make the School for Children’s education accessible to families from a wide range of economic backgrounds, last year, the School for Children awarded approximately $3 million in need-based financial aid to families with a demonstrated need; approximately 30% of our families are receiving awards.

Financial Aid Procedure

Like most independent schools, The Bank Street School for Children uses an outside service called TADS (Tuition Aid Data Services) as a trusted third party to help us objectively evaluate a family’s ability to pay tuition. TADS analyzes the information you provide on your application and computes a recommended family contribution for tuition. The Financial Aid Committee then uses this figure as the basis for calculating the Financial Aid Award for your family.

The Application should be submitted online at TADS. Paper copies of the application forms are also available from TADS. Please call them at 800-477-8237 to receive these. Please note that TADS charges a processing fee of $34 that must be included with your application and forms. Applications for the 2016-2017 School Year will be available on October 1st (for current families) and on November 1st (for applying families). Financial Aid applications must be completed by November 1st (for current families) and January 1st (for applying families).

*The option to apply for financial aid is only available to applicants for the 4/5s program (Pre-Kindergarten) and above.

Explanation of Application

Income: Income refers to the pre-tax income from wages, business, or investments. The formula considers certain costs against this income in calculating a family’s ability to pay. If two parents reside in separate households, the income and expenses of both households are considered in the equation.

Assets: If a family has major assets, savings, and/or investments, the formula will compute an income supplement that will be added to the calculated gross income. The treatment of home equity is not matched to the actual market value of the New York City Area, but calculates a value based on the price paid for the home/apartment and the years it has been owned.

Alimony and Child Support Payments and Day Care and/or Elderly Care Expenses: The formula for determining the family contribution for educational expenditures takes into account certain unusual expenses such as alimony and children support and the care of an aging grandparent.

Contributions to Education: The ability to pay is divided by the number of tuition-paying family members at any elementary school, high school, or college (including adult students), to determine the financial aid award for any one student.

Divorced, Separated, or Never Married Parents: Financial Aid Awards are based on the family’s ability to pay as demonstrated by the information submitted to TADS. Both custodial and non-custodial parents (regardless of legal settlements) who are divorced, separated, or never married are expected to contribute to educational costs and are required to submit an application for Financial Aid. In exceptional cases where one parent cannot comply, the custodial parent should submit a written explanation. Lack of information from either parent may prevent determination of a Financial Aid Award or significantly affect the tuition amount.

The Application Process

Tuition and Financial Aid Frequently Asked Questions:

What is included in tuition?

Tuition includes the cost of instruction, books, and educational materials, field trips and yearbooks. It does not include lunch and the Extended Day or After School Program.

What is Financial Aid?

Financial Aid is a tuition discount based on a family’s ability to pay. It is not a loan. Financial Aid awards are based on a percentage of tuition and not a set dollar amount.

How does a family know if they qualify for tuition assistance?

Few families at independent schools find it easy to pay tuition. Most adjust their spending priorities, and carefully manage family income and assets to do so. The assumption is that every family will determine their own resources and explore other possible sources of support before applying for Financial Aid. However, many families will need to apply no matter how carefully they manage their finances or secure other sources of support.

If a family thinks they will need financial aid, they should apply at the time of admission to be considered. Applications for the 2016-2017 School Year will be available as of November 1st, 2015. Providing firm guidelines to help a family decide whether to apply for financial aid is difficult, because each family’s combination of circumstances is different. Awards are based on many different factors, including income, assets, and extended-family support. The Financial Aid Committee must also consider the resources available for both returning families as well as applicant families when making our final decisions.

Should families delay applying for financial aid until after a child has been accepted?

No, families with a child applying for the 4/5s program and up should apply for Financial Aid when submitting their application to the School for Children. Applications for the 2016-2017 School Year will be available on November 1st. Financial Aid will not be available to families if they have enrolled at Bank Street without Financial Aid unless their financial circumstances change significantly after admission to the School for Children.

Who sees the financial aid information that we submit?

The Financial Aid Committee processes all applications with the utmost respect for the privacy of each family submitting an application. All information submitted is confidential.

When are families notified?

Families who have applied for Financial Aid will be notified of the Financial Aid Committee’s decision at the same time they are notified of the admissions decision.

Hear How Financial Aid Works

We invite you to get more detail about Financial Aid by listening to our podcasts.